British Falcon Plastics, the Devon-based manufacturer of vacuum formed plastic packaging, has expanded its output following a £350,000 investment in a thermoforming machine after backing from Lloyds TSB Commercial Finance.
The Paignton business, which produces vacuum formed plastic packaging for major UK retailers, food suppliers and pharmaceutical manufacturers, is also looking to increase its 27-strong workforce following the investment.
The new machine is now British Falcon Plastics’ fourth and for the first time allows it complete control over all stages of development and production.
Company managing director David Newton, who approached Lloyds TSB Commercial Finance for a hire purchase facility, said the move was a natural response to the company’s organic growth in recent years.
“My company has experienced a large amount of organic growth over the last year and I wanted to expand our services so we could cope with increased demand.
“The new machine is more efficient and increases our capacity. It will allow us to increase profits and invest back into the business.
“Lloyds TSB Commercial Finance has been very helpful in its approach to my business needs and having a client manager who is there to answer any questions has been very useful,” he said.
The firm, which was founded in 1989, has also received funding from the commercial banking arm of Lloyds TSB.
Patrick Jenkins, relationship manager at Lloyds TSB Commercial Banking, said: “It is excellent that we have been able to provide integrated support for David and British Falcon Plastics.
“The new machine is increasing productivity and it is great to see David using this opportunity for the company in what other firms may consider difficult times. I wish British Falcon Plastics much success for the future.”
The banking giant has lent £700million to manufacturing firms across the UK through its £1billion Manufacturing Commitment launched last September, remaining on course to beat the investment target.
The Commitment also applies the Lloyds Funding for Lending scheme of a one per cent reduction in the interest rate for new business loans.
